Trends in Pension Eligibility Ages and Life Expectancy, 1950-2050

The pensionable age is the most visible parameter of retirement-income systems. This paper surveys pensionable ages in the OECD for a period of a century: back to 1950 and forward to 2050. Average pensionable age in OECD countries dropped by nearly two years during the second half of the 20th century to 62.5 for men and 61.1 for women. Legislation already in place will increase it almost to 65 for both sexes by 2050. At the same time, life expectancy has increased in most countries at most times. Between 1960 and the turn of the century, life expectancy after pensionable age is grew from 13.4 to 17.3 years for men and 16.8 to 22.1 years for women on average in OECD countries. However, life expectancy after normal pension age is projected to reach 20.3 and 24.6 years (for men and women respectively) in 2050. This continued increase is projected despite many OECD countries having already legislated for phased increases in the pension age in the future.